Wereldhave N.V.: Results 2016: Strong leasing performance backs solid results
February 03 2017 - 1:45AM
- EPS growth of 7% to € 3.45 (2015: € 3.23)
- Net profit increases to € 120.8m (2015: €
103.8m)
- Strong leasing performance; occupancy increases
in all countries
- Overall positive like-for-like rental growth of
1.0%
- Dividend proposal of € 3.08 (final distribution
of € 0.77)
- Stable outlook 2017: EPS between € 3.40 and €
3.50
Summary
For the year 2016, Wereldhave posted a net profit
of € 120.8m, against € 103.8m for 2015. The direct result increased
by 13% to € 151.0m. The direct result per share rose by 7% to €
3.45 (FY 2015: € 3.23). The full year indirect result stood at €
30.2m negative (2015: € -29.9m), and improved significantly by €
37.9m during the second half of the year. This was largely due to
the use of a lower percentage of transfer tax for the valuations in
Belgium and a positive revaluation in France.
Wereldhave delivered on the 2014 and 2015
acquisitions with a strong operational performance in 2016. Gross
rental income for 2016 amounted to € 230.2m, an increase of 11%
compared to 2015. The increase is mainly due to the acquisition of
nine shopping centres in the Netherlands in 2015, partly offset by
the disposals of the French offices portfolio.
Overall occupancy of the shopping centres at the
end of 2016 rose 170 bps to 95.5% (2015: 93.8%). Occupancy improved
in all countries, with an overall positive like-for-like rental
growth of 1.0%, which is 40 bps above indexation. Leasing activity
was very high, with approximately 500 leases, rotations and
renewals signed. In France, occupancy of the portfolio improved
from 91% at acquisition to 94.4% YE 2016. In the Netherlands,
occupancy of the portfolio improved during the year from 95.3% to
95.8% and footfall in our Dutch centres went up by 1.4%. The
occupancy of the portfolio that was acquired in 2015 at 91.4% rose
to 94.8% at year-end 2016, in spite of frequent bankruptcies in the
retail sector in this 15 months timeframe.
In respect of the year 2016, a final dividend will
be proposed of € 0.77 per share. This implies a full year 2016
dividend of € 3.08, an increase of 2% against 2015. The ex-dividend
date is April 25, 2017. The dividend will be payable as from April
27, 2017.
The recurring direct result for the year 2017 is
on a positive track, anticipated to grow slightly further. It will
however be impacted by a one-off reorganisation costs in 2017 which
will amount to approximately € 1.5m. The 2017 outlook also takes
into account intended disposals of at least € 50m in H1 2017.
Combining these two factors and development projects that will
become yielding in the second half of the year will bring the
direct result per share to between € 3.40 and € 3.50 per share. The
impact from the cost efficiencies resulting from the reorganisation
is expected to contribute to the direct result in 2018 and onwards.
Dividend is to remain stable in 2017 at the current level of €
3.08, payable in four interim dividends of € 0.77 per quarter.
The AGM will be held on April 21, 2017 in the
Hilton Hotel, Amsterdam. The nomination will be proposed of Mr A.
Nühn and Mr H. Brand as members of the Supervisory Board.
READ MORE: www.wereldhave.com
Information for the
press:
Richard W. Beentjes
E richard.beentjes@wereldhave.com
T + 31 20 702 78 37
Information for
analysts:
Jaap-Jan Fit
E jaapjan.fit@wereldhave.com
T + 31 20 702 78 43
2017-2-3_Press Release_Results
2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Wereldhave N.V. via Globenewswire
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